April 3, 2020 Headlines

The March jobs report was released this morning, and the loss of jobs was expectedly bad. Nonfarm payrolls shed 701,000 jobs in the month, the worst single month since March 2009 (-800,000) and the first negative figure since 2010. The headline unemployment rate jumped 90 bps to 4.4%, and it will almost certainly climb much higher in the coming months. Markets were, of course, expected a dismal showing, and in the first 20 minutes of trading following the release, Treasuries and S&P 500 futures are little changed. A Bloomberg article yesterday afternoon reported that U.S. regulators and the Treasury Department are holding off on assisting mortgage servicers struggling with the prospect of delayed borrower payments and excessive margin calls on hedges, according to sources close to the discussions. The Mortgage Bankers Association and other interested parties had been lobbying hard for government relief during these unprecedented conditions, but the article suggested that officials involved in the talks want to see how many borrowers actually seek forbearance before moving to extend credit to servicers.

Jason Haley
Chief Investment Officer

4/3/2020Two-Month Payroll Net Revision-57k
4/3/2020Change in Nonfarm Payrolls-100k-701k273k275k
4/3/2020Change in Private Payrolls-132k-713k228k242k
4/3/2020Change in Manufact. Payrolls-10k-18k15k13k
4/3/2020Unemployment Rate3.80%4.40%3.50%
4/3/2020Average Hourly Earnings MoM0.20%0.40%0.30%
4/3/2020Average Hourly Earnings YoY3.00%3.10%3.00%
4/3/2020Average Weekly Hours All Employees34.134.234.4
4/3/2020Labor Force Participation Rate63.30%62.70%63.40%
4/3/2020Underemployment Rate8.70%7.00%
4/3/2020Markit US Services PMI38.539.1
4/3/2020Markit US Composite PMI40.5
4/3/2020ISM Non-Manufacturing Index4357.3


Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.